PBC closer to digital currency as global interest rates drop

2020-03-26

A screenshot of Alibaba’s publicized patents related to China’s official digital currency. Photo: Li Xuanmin/GTChina’s central bank is one step closer to issuing its official digital currency. It seems the People’s Bank of China (PBC), in collaboration with private companies, has completed development of the sovereign digital currency’s basic functions and is now drafting relevant laws to pave the way for its circulation, industry insiders said.As more central banks around the world are cutting interest rates to zero or even entering negative territory to release liquidity into the market amid…